Question

By selling a Television for ₹ 24, 200, I got a gain of 21%. At what price should I have to sell this Television in order to get a profit of 31%?

1. ₹ 26,200
2. ₹ 26,300
3. ₹ 26,500
4. ₹ 24,200

Answer 1

Correct Answer - Option 1 : ₹ 26,200

Given:

CP = Cost Price

Selling Prices = SP₁ and SP₂

SP₁ = ₹ 24,200

SP₂ =?

Formula used:

Profit % = [(SP - CP)/CP] × 100

Calculation:

SP₁ = 121% of CP

⇒ 24,200 = 121% of CP

⇒ CP = ₹ 20,000

If profit is 31%, then selling price = 131% of 20,000

⇒ SP₂ = 131 × 200

⇒ SP₂ = ₹ 26,200